Taking a loan, especially home loan, requires a lot of financial planning so that you don’t face any challenges in the future. In order to plan, you’ll need a rough estimate figure to do a financial forecast about your monthly expenses. Kotak Mahindra assists you in planning with the help of its home loan calculator which can help you determine your EMI payment in figure. Planning is one of the many benefits of the Kotak Mahindra Home Loan Calculator, read on to know other ways in which it can help you:
Helps you take Informed Decisions: Kotak Mahindra Home Loan Calculator helps you get a vivid understanding about the home loan you are going to take. It tells you about how much outflow of cash will happen from your net monthly income so that you can manage your lifestyle accordingly. Generally, EMIs subsume 40-50% of your monthly income and leave you with only 50% to live your life. So, the home loan EMI calculator is good in terms of planning and management.
Transparency: The home loan calculator draws a clear bifurcation of interest rates, monthly installments, tenure and principal amount left to pay. You will know how much interest you will pay over the loan tenure. This is help you gain transparency and clarity.
Very Easy to Handle: It doesn’t involve any rocket science. It is very simple to use, especially designed for the usage of common man. You just have to deal with a couple of variables and you’re all set.
Choice of Right Tenure: Home loans are generally in high amounts which can be difficult to service during a short period of time. So, it is important to choose the right tenure which is not too soon, not too long. If the loans are taken for a long tenure, then the interest you pay is humongous. With the help of Kotak Mahindra home loan calculator, you’ll know the right tenure to pick for repayment.
Loan offer comparison: Using the Kotak Mahindra Home loan EMI calculator puts you in a spot where you’ve better clarity as you become aware of certain things. Now you know loan offers made by different banks. This information can be leveraged to compare loan offers basis which decisions can be made.
How to use the Kotak Mahindra Home Loan Calculator?
Kotak Mahindra Home Loan Calculator considers three parameters into account. It’s algorithm is based on interest rate, loan amount and tenure of the loan. Considering all your entries the calculator then gives you the Equated Monthly Income to be paid. It also tells you the total interest you’ll be paying during the loan period. Alongwith this an amortization table is also provided for a deeper understanding of the relationship between your principal and interest rate.
You can use this calculator in two places. First, you can go to Kotak’s official website and then click on home loans to use calculator. Second way is by going to the website of some financial technology companies and use it there.
What are the Kotak Bank Home Loan Interest Rates like?
At the moment where banks & other NBFCs are providing sky-kissing interest rates, Kotak Home Loan Interest Rate that starts from 10.99% comes as an affordable option. The lender gives its customers the choice to opt between fixed rate of interest or flexible rate of interest. However, you end up paying more interest if you go with the fixed rate of interest because its immobile nature. Whereas, floating rate of interest depends on the market and has the ability to go down by a certain percentage over time.
How you can Secure a Low Kotak Bank Home Loan Interest Rate?
Loan Amount – Higher the loan amount, the higher the Interest rate is going to be for you.
Employment Status- People with a higher salary are given discounted interest rates as higher salary translates into good repaying ability. In case of self employed individual, Kotak charges higher interest rates due to irregularity of income.
Relationship with Kotak – If you have had an old relationship with Kotak which has been a good one, chances are you get a low Kotak Bank Home Loan Interest Rate.